Get Form T-1 Virginia Tire Tax Return Official Form Is ... - Formsend

Filing the FORM T-1 VIRGINIA TIRE TAX RETURN is essential for businesses selling tires in Virginia. This guide provides step-by-step instructions to help you complete the form accurately and efficiently, ensuring compliance with state regulations.

Follow the steps to complete your tire tax return.

1. Click ‘Get Form’ button to obtain the form and open it in the editor.
2. Begin by entering your account number in the designated field at the top of the form.
3. Indicate the filing date of your return, ensuring it reflects the correct period for the report.
4. In item 1, enter the gross number of tires sold during the period, including any tires purchased without payment of tire tax.
5. In item 2, provide allowable deductions for tires sold that were exempt from tax, those returned by purchasers, and any tires that were repossessed or charged off.
6. Calculate the total deductions in item 2d by summing the values from items 2a through 2c.
7. Subtract item 2d from item 1 to determine the taxable amount in item 3.
8. Multiply the amount in item 3 by $0.50 to calculate the total tax owed in item 4.
9. Determine the 5% dealer's discount by multiplying the tax amount in item 4 by 0.05, and record it in item 5.
10. Subtract the dealer's discount in item 5 from the tax amount in item 4 to get the amount due in item 6.
11. If applicable, add any penalties for late filing and payment in item 7, and interest for late filing and payment in item 8.
12. Sum the amounts in item 6, item 7, and item 8 to get the total in item 9.
13. Complete the declaration line by signing and dating the form.
14. Review all entries for accuracy. Once complete, you can save changes, download, print, or share the form as needed.

Ensure compliance and file your FORM T-1 VIRGINIA TIRE TAX RETURN online today.